"With the numbers I was looking at, I needed a more reliable and nimble source of funding to get the manufacturing at level that kept pace with what was happening at retail. Luckily, Gateway was there."
Nick Thompson, Minipresso
PO financing ensures Minipresso delivery
Nick Thompson figured the Minipresso, a portable espresso machine he discovered while surfing the internet, was a decent idea. He bought one for his wife, and she liked it. He purchased a few more and quickly resold them through an on-line retailer in the fall of 2015.
By the time the 2016 Outdoor Retailer Winter Show wrapped up, one publication had given the Minipresso a "Best in Show" award, and Thompson knew there was a bigger market for the compact and light espresso maker. Crate & Barrel, in fact, wanted them on the shelves of their 120 U.S. stores.
But Thompson needed extra capital in order for the Asian manufacturer of the Minipresso to produce enough units to keep pace with the growing demand. For that he turned to Gateway Trade Funding.
"I’d been buying limited quantities of the Minipresso with a credit card," said Thompson, now the official distributor of the Minipresso in the U.S. "With the numbers I was looking at, I needed a more reliable and nimble source of funding to get the manufacturing at level that kept pace with what was happening at retail. Luckily, Gateway was there."
Gateway’s Executive Vice President, Tom Novembrino, structured a purchase order financing program that provided capital Thompson needed to fund the Minipresso’s Asian-based manufacturer.
"Working with Tom was a snap," Thompson said. "He quickly understood what I was trying to do, and we developed a comfortable and easy business relationship."
Being able to deliver product to retailers has been key to Thompson’s growth. The latest development: In late summer of 2016, The North Face agreed to a try a limited retail program at 10 of its corporate stores.